In today’s volatile economic landscape, candidates are finding it harder to search for that big career move in a challenging job market. On the other hand, businesses are also experiencing increasing difficulties trying to find suitable talent to join their organisations. So, what are the best strategies for candidates to progress their careers and for companies seeking talented candidates?
Over the past year, we have seen GDP grow and fall with the UK moving out of a mini recession in the first quarter of 2024. Although inflation has fallen, interest rates are still high. Understandably this has placed pressure on budgets nationwide. Many organisations may have tightened their spend on recruitment. However, for most companies, business growth relies heavily on the talent you have in your business.
As capital and debt costs increase, budgets need balancing with the cost of both retaining and hiring talent. When spending levels resume, companies need to be one step ahead of the competition, so they don’t miss out on talented candidates. And if you’re a candidate, you need to be fully prepared for opportunities in an often highly competitive marketplace.
Candidates need to be proactive
When it comes to assessing the types of roles that are likely to align with your experience and expertise, start by looking at your skillset. What skills do you have and where can they be best utilised?
There is also high competition in certain roles too, so explore every role with this awareness in mind. Where there are fewer jobs, then the obvious move would be to widen your search to other roles and sectors. In some sectors – for example, utilities, there can be a natural crossover for senior managers to transfer to another type of service-based business.
At the time of writing, for example, we are seeing a lack of candidates for roles in finance, procurement and engineering. Also, Sales, Finance, HR and Marketing roles often offer opportunities to transition from one industry to another. Could you move into one of these areas or another sector using any transferable skills?
5 ways to navigate the UK job market
Below are several ways you can stay ahead of your competition and achieve that satisfying career move:
Be clear on your objectives. What type of role are you looking for and why?
Remain positive, patient and vigilant; there are opportunities available if you know where to look. Also consider your desired company culture and working patterns.
Build your network and create a professional online profile. Use your network to your full advantage and investigate complementary industries.
Keep up to date with current job trends and be adaptable. Staying well informed allows you to take advantage of emerging opportunities as they arise.
Build your connections as well as working with a reputable head-hunter to assist you with your job search.
Companies need to be flexible
If you’re a company looking for talent, it’s worth remembering that candidates’ expectations are very different today than they were pre-pandemic. There is a huge demand for hybrid working and this is one of the biggest changes we have seen as recruiters. Therefore, companies need to provide flexibility when it comes to working locations and patterns. What could your company do to encourage talent to apply for vacant roles?
While the UK economy continues to face challenges, especially dealing with inflation, companies need to provide flexibility when hiring. Stagnant market trends are contributing to a slowdown in certain industries. This decline is a direct result of the challenges we are facing, for example, recent closures in the steel industry. One strategy could be to look for talented individuals leaving those industries that are under pressure.
Investing in talent is an investment for companies
To conclude, if you are a candidate looking for your next big career move then you need to be positive and resilient. Diversify your approach and stay aware of the latest job market trends. Stand out from the crowd and take a measured, but proactive approach to changing career in a tough market.
Despite the economic climate and ongoing challenges, there are still opportunities for those with the necessary skills to navigate the job market effectively. Your success in achieving your next career move could rely on your ability to adapt and any transferable skills.
If you are an organisation searching for new talent, then provide flexibility in terms of pay & reward and candidate expectations such as hybrid working. Investing in talent is an investment for your business success. Don’t just look at whether someone can fulfil the role - consider their impact on your overall organisation and workplace culture. And remember, if you don’t have a strategic people plan in place, then your competitors will.
For more information on how Teare Executive Search can assist you with your big career move or your company’s talent search, please get in touch.
Mobile: 07557 020 234
Mandy Turpin
Director - Teare Executive Search
